Though South Korea was one of the first countries hit by the coronavirus, its economy actually grew in the first quarter. But can aggressive stimulus and a pandemic strategy that has avoided widespread lockdowns keep it afloat?
SEOUL—South Korea’s economy has proved to be one of the most resilient in the world in the face of the coronavirus.
But economists say that will be difficult to sustain. Dependent on exports—led by the likes of Samsung Electronics Co., Hyundai Motor Co.and LG Corp.—the economy is feeling the pain of the global spending slowdown caused by the pandemic. South Korea’s exports in May were down 24% from a year earlier, about matching April’s 25% drop.
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